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From Home Furnishing Business

Tempur Sealy Q2 Sales, Loss Both Increase

Tempur Sealy second-quarter sales were up around 8 percent to $715 million, but the bedding giant lost $2.2 million, compared with a $1.6 million loss during the same prior-year period.

The 2014 results reflect a $20.4 million loss on disposal of the company's three U.S. innerspring component production facilities; and $5.2 million of integration costs related to the acquisition of Sealy Corp.

The increase in net sales during second quarter of 2014 was driven by higher sales in each of the company's three business segments. Tempur North America net sales increased 10.1 percent to $237.3 million in the second quarter of 2014; Tempur International net sales increased 9 percent to $109.5 million; and Sealy net sales increased 6.8 percent to $368.2 million.

"Overall, our second quarter was in line with our expectations. We experienced solid sales growth in each of our business segments, with particular strength in the U.S. driven by the initial success of our new products," Mark Sarvary, CEO of Tempur Sealy International, Lexington, Ky. "The investment in new products and related marketing in the first half of 2014 pressured margins, but now that the products are rolled out we expect significant margin improvement for the balance of the year. We are also pleased overall with our international performance and are excited about its growth prospects, however we are seeing some weakness in Central Europe."

Click here for the complete Tempur Sealy second-quarter release.

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